TienPhong Bank posts net profit of VND79B

TienPhongBank posted a net profit of VND79.07 billion or $3.77 million in the third quarter of this year, rising 50% from a year earlier.

The lender booked an income of VND691.88 million from forex trading, VND1.17 billion from securities investments to overcome losses of VND50.64 billion from lending activities and VND70.23 billion from services which are considered core and safest businesses of a lender.

The biggest contribution to its profit in the third quarter came from “other profits” of VND283.67 billion.

At the end of September, the lender’s total assets soared 56% from end-2010 to VND32.59 trillion while its total deposits and total outstanding loans were VND7.5 trillion and VND4.42 trillion, down 0.8% and 15% on year, respectively.